SBI Card chief roots for use of technology to simplify and streamline HR functions

Technology is transforming modes of work and workplaces quickly. This is particularly true in case of industries where technical intervention has modified the entire domain overnight and new players are purely technology based. Finance-linked companies are a clear example.
TimesJobs spoke to
Hardayal Prasad, MD & CEO, SBI Card about the disruption caused by technology in his industry and, company in particular. Here is a detailed interview:

What are the major HR-related challenges faced by the financial institutions?In today’s rapidly evolving business and economic environment, recruiting skilled professionals and retaining the existing talent are the prime HR concerns faced by any company.
Today, we require a niche and skilled set of employees who can work in collaboration with new-age technology to increase our reach and efficiency to provide the best experience to our customers. Given this, SBI Card is continuously focusing on implementing integrated HR solutions and strategies that help us in attracting and retaining top quality talent. It is important for us to be able to cater to the long-term career aspirations of our employees and balance it out with the business objectives of the company.

Which new-age tools/services can help large organisations manage workforce more efficiently?In this era of new-age technology, we have tools and services that can manage and nurture an organisation’s workforce with end-to-end employee life-cycle management. Organisations today need intelligent, personal, adaptable, and complete solutions that can help their workforce thrive.

There are solutions that can help to attract and retain talent with differentiated rewards and address simple and complex organisational remuneration needs. These Human Capital Management (HCM) solutions can control payroll costs, efficiently manage projects, and improve operational excellence as well. Moreover, these solutions can also provide information on workforce trends and necessary insights through meaningful reporting, dashboards, and analytics. Technology based solutions have given us the flexibility and know-how to ease the HR delivery at SBI Card and empowered our employees to simplify their work life.

What made you choose Oracle HCM Cloud solutions? The Oracle HCM solutions adapt to show people appropriate recommendations. For example, a HR manager can move smoothly from an analysis of employee performance to profile views of top performers. Similarly, an employee can search for opportunities for advancement, see how his skills match the requirements for specific roles, and be guided towards online training to fill in any gaps.

How do you think technology has changed functions of organisation, especially HR?Before Cloud computing technology and mobile applications came in, there was a lot of paperwork and struggle to manage employee information. Technology has simplified and streamlined processes such as talent acquisition & development, on-boarding, HR information systems, pay roll and performance management. Emerging technologies like Machine Learning (ML) have enabled data analysis which allows
HR professionals to enhance talent relationship.
What changes have you seen in the HR space during your professional journey?Every organisation is undergoing digital transformation. Acquiring the top talent to support the growth of business is on every recruiter’s mind. Fungibility of skill sets and roles has been the focus, making the employees more versatile. Increased automation in the hiring process and application of technology solutions are emerging trends. Professional networking platforms have emerged as important tools in the talent acquisition process. Increased and focused use of social media to identify and reach out to potential candidates is a key upcoming trend. Assessments and tests through gamification is another notable trend which we expect will grow in the coming year.

Skills in the digital domain especially in social media as well as in data science and analytics are on the upsurge. Going ahead, Artificial Intelligence (AI) will play a big role in the way the financial services industry works. At SBI Card, we are focusing on building and enhancing these skill sets and setting up new platforms to compete in the highly dynamic market environment.

What should leaders of large firms do to remain better connected to their front-line staff?The secret for providing best-in-class experience to customers is to enable, empower and engage with the front-line employees. These employees have the potential to impact customer relationships to a large extent since they are the face of the company and in a way directly responsible for business growth. In fact, at SBI Card, we strongly believe that employee motivation is directly linked with business growth. We have accordingly aligned and benchmarked our key HR philosophies to evolving market needs and practices. We have launched a comprehensive Talent M our compensation philosophy.